Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of...
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Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: a. Materials were purchased on account for $45,760. b. Materials totaling $40,880 were requisitioned for use in producing various jobs. C. Direct labor payroll for the month was $19,200 with an average wage of $12 per hour. d. Actual overhead of $8,870 was incurred and paid in cash. e. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour. f. Completed jobs costing $59,000 were transferred to Finished Goods. 9. Jobs costing $58,000 were sold on account for $ 73,750. Make the entry to record the revenue from the sale first, followed by the entry to record the cost of the jobs. Beginning balances as of July 1 were: Materials Inventory $1,300 3,400 Work-in-Process Inventory Finished Goods Inventory 2,620 Required: Calculator 1. Prepare the journal entries for the preceding events. Check My Work 2. Calculate the ending balances of: a. Materials Inventory HA b. Work-in-Process Inventory c. Overhead Control d. Finished Goods Inventory
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